Will Nifty go above 8450 as Greece hangs on uncertainties?

The market may consolidate this week but it will be crucial for the Nifty to trend above 8450 levels. Financial stocks may give the impetus if Bank Nifty follows upmove after Friday's outperformance while some corporate earnings of April-June quarter are lined up.

On Friday, the market was choppy but moved in a narrow band and ended with minor gains.

However, Greece uncertainities still loom large with no deal on the Greek bailout as creditors asked for even more tough conditions than those rejected by Greek people in last Sunday’s referendum.

Greece Parliament will now vote on Wednesday on whether to accept more pension overhauls and sales tax increase among other tough measures.

There is renewed fears of Athens leaving the euro zone as Germany proposes "Greece should be offered swift negotiations on a time-out from the euro area.”

Back home, India’s factories are still in the woods. Growth in industrial production slows to 2.7 percent in May. Consumer goods is the main culprit,  electricity and mining save the day. CPI data will be released today.

IndusInd bank will report results today. A CNBC-TV18 poll sees net interest income rising 21 percent while profits may jump 22 percent to Rs 514 crore year-on-year. Loan growth, NIMs and asset quality are likely to remain stable.

Nikkei rebound after last week’s 4 percent loss. In Asia, Shanghai market will remain in the spotlight following last week's relief rally as Beijing continues to tighten controls. The stock market regulator has said it wants to ensure that real names and id numbers were used on trades. Reports over the weekend stated that some brokerages were suspected of manipulating futures prices and other "malicious" trading practices.

Euro pares early losses and remains unnerved as Greek deal remains elusive. Crude prices continue to slide as Iran and six world powers are close to nailing down a nuclear deal. Gold pares gains as Yellen signals a 2015 rate hike.